FY2014 Full-Year Results Presentation BRAD LINGO IAN BUCKNELL MANAGING DIRECTOR CHIEF FINANCIAL OFFICER
Vision and Approach Our goal is to build Australias leading independent oil and gas company through: Delivering sustained growth in shareholder value; Being a partner and employer of choice, well regarded by our communities and…
FY2014 Business Highlights Maintained a high standard of safety and environmental performance across all operated activities Health Safety & Achieved a TRIFR (Total Recordable Injury Frequency Rate) of 9.72 in FY2014 5.4% lower than…
Reserves and Resources: 30 June 2014* FY2014 Reserves Additions Western Flank Oil reserves increase despite record production Offset by Western Wet Gas changes Acquisition of Eastern Margin reserves via Santos transaction…
Fig.2: Bauer facility FY2014 Financial Results 8
FY2014 Financial & Operating Headlines* Unit FY14 FY13 % Change Production mmboe 3.4 1.1 209% Revenue m 387.0 102.2 279% NPAT - Reported m 71.5 45.1 59% - Underlying m 94.6 60.6 56% Earnings per Share cents 16.6 11.1 50%…
FY2014 Production: Actual and Guidance FY2014 Actual Production Record production of 3.4 mmboe Oil 2.9 mmboe Wet Gas 0.5mmboe Exceeded guidance of 3.0 to 3.3 mmboe FY 2015 Forecast Production Guidance 3.0 to 3.4 mmboe Western…
FY2014 Revenues FY2014 Revenue 387 million of annual revenue, more than triple FY2013 result Robust production from the Bauer field and increased input from Wet Gas Bolstered by strength in commodity prices Avg. realised oil…
FY2014 Net Profit After Tax FY 2014 FY 2013 FY2014 NPAT m m Revenue 387.0 102.2 EBITDAX result driven by Cost of Sales (110.8) (31.8) Strong revenue and production results Other Costs* (44.3) (35.3) EBITDAX** 231.9 35.1 Sound…
FY2014 Net Profit After Tax Underlying NPAT of 95 million 13 DRILLSEARCH FY14 FULL-YEAR RESULTS BRIEFING
FY2014 Cash Flow, Cash Balance & Liquidity Strengthened balance sheet with strong cash position 14 DRILLSEARCH FY14 FULL-YEAR RESULTS BRIEFING
FY2015 Guidance: Capital Spend Activities FY2015 Capital Spend Activities FY15 Guidance of 130 - 170m Approximately 75% of capital spend directed to conventional business Greater share of investment in the Oil Business Carried…
Fig.3: Wellhead FY2015 Outlook 16
Self-sustaining business model Unconven -tional Optimise spend to deliver value drivers Wet Gas Grow reserves and production commercialise new and existing discoveries Oil Maintain and grow production while…
Key Drivers in FY2015: Oil Business Vision Oil To explore, develop and produce conventional oil in proven fairways FY2015 Capex within the Cooper Basin. Overall Guidance of 130m - 170m Strategy Maintain and grow production Replace…
Key Drivers in FY2015: Wet Gas Business Vision Wet Gas To explore, develop and produce conventional Wet Gas in proven fairways within the Cooper Basin. FY2015 Capex Overall Guidance of 130m - 170m Strategy Commercialise new and…
Key Drivers in FY2015: Unconventional Business Vision Unconventional To build off existing conventional acreage positions, to fully 2015 Capital Expenditure assess, explore and appraise previously identified Guidance of 130m -…
Proposed Acquisition of Ambassador: Update Acceptances from holders of 60% of Ambassador shares as of 26 August 2014 Active work program in PEL 101 to demonstrate prospectivity of broader region, including Ambassadors 47.5%-owned…
Record Activity Planned in FY2015 FY2015 DLS Permit Operator Total % Sept Dec Mar Jun Sept Q Q Q Q Q OIL Western Flank - PELs 91 & 182 60-43 BPT/SXY 21 Seismic acquisition and processing 500km2 Solidus 3D acquisition and…
Key Takeaways Maintain robust production performance Guidance of 3.0 to 3.4 mmboe for FY2015 Record activity planned More than 40 wells Capex guidance of 130m - 170m Weighted towards Oil and Wet Gas On track to achieve…
Fig.4: Middleton facility Questions 24
Appendices
Reserves and Resources: 30 June 2014 As a result of the arithmetic aggregation of the field totals, the aggregate 1P estimate may be conservative and the aggregate 3P estimate optimistic, as the arithmetic method does not account for…
FY2014 Balance Sheet FY 2014 FY 2013 FY2014 Balance Sheet m m Trade Debtors reflect period-end billed and Cash 152.4 36.1 accrued oil sales Trade Debtors 83.2 51.3 Ambassador Shares 25.2 0.0 Fully received subsequent to period E&E…
FY2014 Financial Ratios and Metrics FY FY 2014 2013 Average realised oil price A/bbl 125.5 116.0 Average realised wet gas basket A/boe 45.2 37.7 Average realised price A/boe 114.4 94.9 Oil Field Net Back A/bbl 79.0 71.6 Gas…
FY2014 Taxation FY2014 Current Year Tax Expense m FY2014 Tax expense of 107.9m (FY2013: Profit before tax 179.4 27.2m credit) Prima-facie tax expense 53.8 FY2014 taxable income fully absorbed by PRRT (net of income tax deduction)…
FY2014 Taxation FY 2015 Guidance: Company Tax Past losses (group & transfer-in) remain available Transfer-in losses are subject to available-fraction utilisation, resulting in a lagged realisation of the benefit Potential for minor…
Notes to the Financial Statements Reconciliation of Statutory Net Profit to Underlying Profit Underlying net profit after tax and EBITDAX* are both non-IFRS financial measures reported by Drillsearch to provide greater understanding…
HEAD OFFICE Level 16 55 Clarence Street Sydney NSW 2000 P: +61 2 9249 9600 F: + 61 2 9249 9630 E: admindrillsearch.com.au W: drillsearch.com.au Please contact for further information Dudley White General Manager Corporate Communications
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